Short sports betting guide

Short sports betting guide

May 19, 2017

Online betting sounds simple and one could argue it is but only in terms of the actual betting & cash out procedures. A lot of thought goes into how to make a certain bet, or at least that’s what experienced and successful bettors do. Our aim is to initiate you into the world of online sports betting. After you’re done reading, why don’t you check out this Betfair free bet that potentially increases your winnings?

How it works

There are a few conditions to meet before you can bet online. Typically, you have to be at least 18 years old, but this depends on where you live as in some countries the age restriction is higher (21). You also have to disclose real personal details such as your full name, physical address, email, valid phone number and birthday.

Sites that prevent fraud and money laundering also require proof of identification. At some point, you will also have to give bank details to make an initial deposit but this depends on what payment method you choose.

After you join you have to deposit money in your account. Many betting websites offer free bets to new users after they make a deposit. The minimum sum revolves around $10. Once the deposit is approved, you can make bets.

If you lose, money will be subtracted from your account. If you win, your balance will be adjusted accordingly. Once you reach the minimum withdrawal limit, you can withdraw your funds through whatever service you choose (bitcoin, PayPal, wire transfer etc.), depending on what the website offers. Withdrawals can take as little as 1 day or as much as 2 weeks.

Common terms

Since there always are 2 parties to a sports wager (a bet) and you are one of them, the other is the bookmaker. So, you bet against the bookmaker.

The selection is basically what you’re betting on, for example, you bet that the Chicago Cubs will win.

The stake is the amount of money you risk on a wager. The bookmaker will keep the stakes from losing wagers and returns the ones from winning wagers. There usually is a minimum stake, for example, $1.

All selections have odds that determine the amount of money a bookmaker gives to the bettor if his selection is correct, depending on the stake previously made. As a rule, if the chances to win are low, the odds are high, meaning that if you do win, you’ll win a lot. Also, if one is likely to win, the odds are low. Odds are quite complicated and we won’t explore this now, but it helps to know they’re available in different formats: decimal, money line and fractional.

The payout is how much the bookmaker pays the better if the selection is correct (it includes the initial stake).

What sports can you bet on?

Online betting is possible for a very wide range of sports, including golf. Still, you must know that each sport has its own betting rules and practices and it’s recommended to choose a bookmaker with good odds and promotions for the sport that interests you in particular, be it golf, soccer or something else entirely.